Muscat: The price of Oman crude oil has jumped up by more than five dollars a barrel, and is now priced at $64.56, the Dubai Mercantile Exchange has reported.

A statement from the DME said, “the marker price on September 16 for November 2019’s Oman crude oil futures contract was $64.56, with a change of $5.31.”

The price of Oman crude had been hovering around the 60-dollar mark for a few days now. On 13 September, it was $59.25. On the 12th, it was priced at $60.26, and on the 11th, Oman crude was listed at $61.82.

DME added: "A daily Oman Marker Price is published by the DME for the DME Oman Crude Oil Futures Contract (OQD) at 1630 Singapore time (1230 Dubai Time, 0230 CST or 0330 CDT), which is the current close of the Singapore cash market. This price is used in the monthly formula to calculate the official selling price for Oman Crude Oil term sales for that delivery month."

Oman is one of four territories to use this sort of pricing structure from the DME, which added: “Bahrain is the fourth national oil company to implement the Dubai MercantileExchange’s Oman contract in its pricing formula. The DME Oman crude oil benchmark is currently used to establish the price of crude oil produced in the Kingdom of Saudi Arabia, the Sultanate of Oman, and the Emirate of Dubai.”